The leaders of technology giants such as Google, Facebook, and Amazon are resigning to take over the business in the hectic world of cryptocurrencies.
The concept of Web 3.0 Internet is still unknown
Blockchain platforms such as Polygon and Circle have recently hired top talent from Big Tech companies, enticing them to work on the next “big thing” in Web 3.0 or Web3.
Ryan Wyatt left YouTube earlier this month to run Polygon’s new gaming studio. Wyatt joined Google back in 2014 to launch a breakthrough in video game content and compete more aggressively with Amazon’s Twitch platform.
“When I started YouTube Gaming almost eight years ago, I was the first person there,” Wyatt said. “We didn’t have a team. People are really starting to show interest in video games.”
“I look at this opportunity in the same way,” he added, describing the current phase of blockchain development as “early” and “exciting”.
The noise around the Web3 Internet has attracted some of the brightest minds in technology. The Web3 movement is proposing a revision of the Internet in a way that would shift popular online services to decentralized technologies such as blockchain.
Sherice Torres, former marketing director of Facebook’s cryptocurrency and payment unit, Novi, is also on the list of talented people from Silicon Valley for cryptocurrencies. She got a job at Circle in January. Amazon Cloud CEO Pravjit Tiwana has joined the Gemini cryptocurrency exchange as its chief technology officer.
David Marcus, the former CEO of Facebook for cryptocurrencies, resigned late last year. As he revealed his next move, Markus praised Web3 on Twitter.
“I’ve never felt connected to a community of builders like crypto/Web3,” Marcus wrote on Twitter last month.
Experts say technology executives are attracted to the growing industry in part because of its rapid growth.
“Of course, people will want to work on what they consider to be the most exciting and innovative development in the technology space, and currently it’s crypto and Web3,” said Alex Bouazi, CEO and co-founder of software company Deel.
“Many see it as the future of the technology industry, in the same way, that Facebook and Amazon have been attractive in the past.
A potentially lucrative career move
There is one more thing that attracts the talents of big technology companies to Web3: Money.
According to Blind, a social network for technology professionals, the Bitcoin exchange Coinbase offers as much as $900,000 a year for software engineers.
Investments in crypto companies have increased, which means that they have much more money for lucrative compensation packages for large employees. Blockchain start-ups raised a record $25 billion in venture capital last year, according to CB Insights.
Technology start-ups also typically allow staff to own part of their company through stock option schemes. With the estimates of private crypto companies growing, this means that employees could be in line for a large payout in the event of a takeover or initial public offering. The trend is not limited to the United States.
Hays recruitment firm says crypto companies are targeting talent from companies like Facebook, Amazon, and Apple in the UK and Ireland.
“As more crypto/Web3 companies emerge, we expect the technology talent market at all levels to become even more competitive,” said James Hallahan, UK and Ireland’s director of technology for Hays.
Web3 also has its skeptics
Web3 is still a poorly defined term. In general, it refers to initiatives aimed at building a decentralized version of the Internet-based on crypto networks.
In theory, platforms could reward users for their posts through blockchain-native tokens, reversing the service model based on ads such as Facebook and YouTube.
But Web3 has drawn criticism from some big names in Silicon Valley. Twitter co-founder Jack Dorsey claims it is too centralized and controlled by a few venture capitalists, while Tesla CEO Elon Musk sees it more like a “marketing word” than reality.
However, Wyatt said that when people started working on Youtube, they were skeptical about the idea of watching others play video games, even “endemic players”. Now playing games is the second biggest vertical on YouTube, according to Wyatt.
Similarly, he thinks some reactions to crypto and Web3 will recede as more detailed experiences begin to spread, such as video games and social applications.
Meta began developing its new crypto wallet in 2019 and is reportedly considering introducing new tools for irreplaceable tokens or NFT.